Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 183,847,000, a decrease of 17.7% compared to RMB 223,336,000 in 2021[14] - Profit attributable to owners of the Company for the period was RMB 39,729,000, down 31.0% from RMB 57,583,000 in the previous year[14] - Basic earnings per share decreased by 82.6% to 0.31 RMB cents from 1.78 RMB cents in 2021[14] - In the first half of 2022, the total revenue of the Group amounted to RMB184 million, representing a decrease of 17.7% compared to the first half of 2021[22] - Revenue from the water business segment was RMB30 million, a decrease of 44.3% compared to the first half of 2021, primarily due to the impact of COVID-19 on key sales channels[23] - The beer business segment saw a sales volume of 215,181 hectoliters, a decrease of 4.0% year-over-year, with revenue of RMB153.794 million, down 9.2% from the previous year[26] - The overall gross profit margin of the Group was 34.0%, down 5.7 percentage points from the first half of 2021, with the water business segment's gross profit margin at 11.6%, down 25.4 percentage points[28] - Gross profit for the first half of 2022 was RMB 62,510,000, a decline of 29.5% compared to RMB 88,647,000 in 2021[78] - Profit for the half year was RMB8 million, which decreased by RMB37 million compared to RMB45 million in the first half of 2021[36] Assets and Liabilities - Total assets as of June 30, 2022, were RMB 4,170,242,000, slightly up from RMB 4,148,946,000 at the end of 2021[14] - Total non-current assets decreased from RMB 2,631,413,000 as of December 31, 2021, to RMB 2,582,728,000 as of June 30, 2022, a decline of approximately 1.85%[84] - Current assets increased from RMB 1,517,533,000 as of December 31, 2021, to RMB 1,587,514,000 as of June 30, 2022, an increase of approximately 4.6%[84] - Total current liabilities rose from RMB 928,523,000 as of December 31, 2021, to RMB 1,023,750,000 as of June 30, 2022, an increase of approximately 10.2%[84] - Total liabilities were RMB 1,352,813,000, compared to RMB 1,317,514,000 at the end of 2021, indicating an increase of 2.7%[144] - The Group's gearing ratio increased to 23.41% as of June 30, 2022, compared to 21.29% as of December 31, 2021[46] Cash Flow - Cash generated from operations decreased to RMB 48,453,000 in H1 2022 from RMB 91,117,000 in H1 2021, representing a decline of 46.8%[92] - Net cash flows generated from operating activities were RMB 40,229,000 in H1 2022, down from RMB 92,734,000 in H1 2021, a decrease of 56.6%[92] - Cash and cash equivalents decreased from RMB 53,818,000 as of December 31, 2021, to RMB 38,979,000 as of June 30, 2022, a decline of approximately 27.5%[84] - The company reported a net decrease in cash and cash equivalents of RMB 6,328,000 in H1 2022 compared to a decrease of RMB 12,860,000 in H1 2021[95] Strategic Initiatives - The Group aims to build a premium brand with Tibetan characteristics and maintain stringent quality control[11] - The Company is committed to becoming a world-class premium beverage manufacturer[11] - The Group plans to strengthen strategic cooperation with Sinopec and PetroChina to leverage quality water sources and production advantages[67] - The Group aims to enhance sales and logistics cooperation with key platforms like JD.com to accelerate product development in e-commerce channels[67] - The Group will seek to establish more strategic cooperation in emerging areas such as community consumption to diversify its sales model[67] Challenges and Risks - The management believes that despite the pandemic's impact, the Group can cope with challenges and achieve new development by consolidating resources[19] - The beer business's sales and development fell short of expected growth targets due to a decline in tourist numbers entering Tibet[19] - The impact of COVID-19 and climate change may negatively affect the Group's business results for the second half of 2022[72] - The Group's logistics and supply chain disruptions have made timely product supply very difficult, affecting overall sales performance[19] Employee and Administrative Costs - The Group's total number of employees decreased to 371 as of June 30, 2022, from 399 as of June 30, 2021[40] - Administrative expenses increased by approximately 9.7% from RMB31 million in the first half of 2021 to RMB34 million in the first half of 2022, mainly due to increased product development costs for new beer products[33] - Employee benefit expenses remained relatively stable at RMB 28,557,000, a slight decrease of 0.8% from RMB 28,797,000 in 2021[157] Investments and Financial Instruments - The carrying amount of convertible bonds as of June 30, 2022, was RMB 291,877,000, with a fair value of RMB 302,871,000[123] - The company considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost approximate their fair values, except for the liability component of convertible bonds[119] - The Group's financial assets measured at fair value as of June 30, 2022, totaled RMB 2,000,000, consistent with the value reported on December 31, 2021[112] Taxation - Income tax expense decreased by RMB3 million to RMB6 million in the first half of 2022, primarily due to a decrease in profit[36] - Current income tax expense for the period was RMB 6,347,000, a decrease of 11.9% from RMB 7,209,000 in 2021[163] - Total income tax expense for the period was RMB 5,874,000, down 34.3% from RMB 9,020,000 in the same period of 2021[163]
西藏水资源(01115) - 2022 - 中期财报